Common use of Termination By Business Manager Clause in Contracts

Termination By Business Manager. Business Manager may immediately terminate this Agreement at its discretion, upon written notice pursuant to Section 8.3, as follows: i) If the Practice becomes insolvent by reason of its inability to pay its debts as they mature; is adjudicated bankrupt or insolvent; files a petition in bankruptcy, reorganization or similar proceeding under the bankruptcy laws of the United States or shall have such a petition filed against it which is not discharged within thirty (30) days; has a receiver or other custodian, permanent or temporary, appointed for its business, assets or property; makes a general assignment for the benefit of creditors; has its bank accounts, property or accounts attached; has execution levied against its business or property; or voluntarily dissolves or liquidates or has a petition filed for corporate dissolution and such petition is not dismissed with thirty (30) days; or ii) If the Practice fails to comply with any material provision of this Agreement, or any other agreement with Business Manager, and does not correct such failure within sixty (60) days after written notice of such failure to comply is delivered by Business Manager specifying the nature of the breach in reasonable detail.

Termination By Business Manager. Business Manager may immediately terminate this Agreement at its discretion, upon written notice pursuant to Section 8.3, as follows: i) If the Practice becomes insolvent by reason of its inability to pay its debts as they mature; is adjudicated bankrupt or insolvent; files a petition in bankruptcy, reorganization or similar proceeding under the bankruptcy laws of the United States or shall have such a petition filed against it which is not discharged within thirty (30) days; has a receiver or other custodian, permanent or temporary, appointed for its business, assets or property; makes a general assignment for the benefit of creditors; has its bank accounts, property or accounts attached; has execution levied against its business or property; or voluntarily dissolves or liquidates or has a petition filed for corporate dissolution and such petition is not dismissed with thirty (30) days; or ii) If the Practice fails to comply with any material provision of this Agreement, or any other agreement with Business Manager, and does not correct such failure within sixty (60) days after written notice of such failure to comply is delivered by Business Manager specifying the nature of the breach in reasonable detail; or iii) If the Practice's Adjusted Gross Revenue for any twelve (12) month consecutive period during this Agreement falls below eighty percent (80%) of the Practice's Adjusted Gross Revenue for the Practice's fiscal year 1995.